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Latin American stocks tumbled on Friday after the United States reported disappointing economic growth for the first three months of the year, fuelling concerns about the global economy. Mexico's IPC stock index fell 1.53 percent to 41,897.00, falling below its 200-day simple moving average, and raising the possibility of bargain hunting when the market re-opens on Monday. Alternatively, it could herald further steep losses ahead.
Brazil's Bovespa index slid 1.29 percent after the US Commerce Department reported the country's economy expanded at a 2.5 percent annual rate in the first quarter, less than the 3.0 percent expected by economists. Mexican homebuilders sank after Geo, the country's largest homebuilder, said it will not meet interest payments on certain local debt due on Friday.
Shares in Geo fell 28.29 percent, while Homex was down 26.42 percent. In Brazil, iron-ore miner Vale, which is heavily weighted on the Bovespa, fell 2.67 percent a day after shares jumped following the company's stronger-than-forecast first-quarter earnings. Steelmaker Usiminas fell 5.27 percent. Chile's IPSA index fell 0.70 percent, as a 1.95 percent fall in shares of retailer Falabella weighed.

Copyright Reuters, 2013

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